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International Card Establishment Launches ISO Rep Program by Entering Agreement to Become Exclusive Processor for Texas ISO Foresite Merchant Solutions
CAMARILLO, Calif., June 13 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC Bulletin Board: ICRD) has launched its Independent Sales Organization (ISO) Rep program by entering into an agreement to handle all of the credit card processing for Foresite Merchant Solutions, Inc., a Midland, Texas based Independent Sales Organization (ISO), which provides credit card services to small to medium sized enterprises nationwide. The agreement with Foresite represents the first signing under the I.C.E. ISO Rep program since I.C.E. initiated wholesale processing operations a few weeks ago.
For the past 18 months, I.C.E. has been working diligently to establish its bank card processing unit operations by signing a wholesale processing agreement with a major financial institution and assembling a team of qualified professionals to manage the company's processing operations. Now that it's operational, I.C.E. is boarding accounts and building a portfolio of merchant accounts which could, in the future, be sold.
Newly formed Foresite Merchant Solutions currently has 20 experienced sales representatives who previously had highly successful careers at a major credit card services company. Foresite is currently opening merchant accounts at the rate of 200 new merchant accounts per month and expects to build its volume to in excess of 500 new merchant accounts per month by year end 2005. f
I.C.E's ISO Rep Program seeks to enlist qualified ISO's and bank card agents to enhance its portfolio of merchant accounts and credit card processing revenues. I.C.E. believes that the flexibility of its processing services and highly responsive customer service team yield it an important competitive advantage.
Perhaps more important, I.C.E's GlobalTech Leasing and Neos Merchant Solutions gift and loyalty units offer ISO's in the credit card services market a true 'one-stop shop'. Instead of using an outside leasing company to finance a new merchant's point-of-sale card reading terminals, I.C.E.'s ISO's can go directly to GlobalTech Leasing, which offers competitive leasing terms on micro-ticket leases such as financing credit card readers. And, if a merchant wants to offer a gift and loyalty card to its customers, an I.C.E. ISO can offer its new merchant Neos Merchant Solutions' state-of-the art smart card or a more prosaic magnetic stripe card, depending on the individual merchant's needs.
'We are pleased to be working with Foresite and look forward to providing them with the services they need to continue their growth' said H. Wain Swapp, CFO, I.C.E. 'This partnership is the first of what we believe will be many such alliances that will be formed in the coming months, and will help build the value of our merchant account portfolio and credit card service revenues.' Mr. Swapp went on to add, 'Becoming a direct processor not only benefits our credit card unit, but should also enhance the performance of our leasing and gift loyalty units as ISO's that work with us on the credit card side will also help leverage our sales in these two other areas.'
About I.C.E.
I.C.E. (http://www.cardnetone.com/) is a rapidly growing provider
of diversified products and services to the electronic transaction
processing industry. I.C.E. establishes merchant accounts for
businesses that enable them to accept credit cards, debit cards
and other forms of electronic payments; supplies point-of-sale
systems; facilitates processing; and markets a proprietary “Smart
Card"-based system – which allows gift and loyalty functions to be
stored on one card -- that enables merchants to offer
store-branded gift and loyalty cards.
Forward-Looking Statements
This press release may contain forward-looking statements that are
subject to risks and uncertainties. Important factors which could
cause actual results to differ materially from those in the
forward-looking statements, include but are not limited to: the
company's short operating history which makes it difficult to
predict its future results of operations; the company's initial
history of operating losses with possible future losses which
could impede its ability to address the risks and difficulties
encountered by companies in new and rapidly evolving markets; the
company's future operating results could fluctuate which may cause
volatility or a decline in the price of the company's stock; the
possibility that the company may not be able to price its services
above the overall cost causing its financial results to suffer;
and other factors detailed in this press release and in future
company filings with the Securities and Exchange Commission, at
such time as the company is required to report its results of
operations under the Securities Exchange Act of 1934, as amended.
Investor Relations Contact:
PAN Consultants, Ltd.
Philippe Niemetz,
toll-free: 800/477-7570
212/344-6464
email: p.niemetz@panconsultants.com
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